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5 Tips for Reducing Your Student Debt

Dealing with debt reduction can sometimes be a struggle for some students. But it shouldn't have to overwhelm your life. There are ways to reduce your debt that are easy to manage. Here are 5 tips to help get you started.Create a BudgetThis is a key step to reducing debt. When you create a budget you become in control of your spending and are more conscious of what you are doing with your money. Make a plan and stick to it.Reduce Your BillsLook for ways to reduce monthly bills. Trim packages from your TV services, be more cognizant of turning off lights and water. Stop monthly subscriptions.Stop Unnecessary PurchasesDo you really need the latest tech and fashion? Do you eat out often? Are you buying things you really don't need? Start paying attention to what you are spending money on. Write down everything you purchase and you will see where you are making unnecessary buys.Entertainment OverloadDo you go to the movies often? Do you find yourself downloading music and apps often? Those purchases can add up quickly. Do you have a car radio subscription that can be trimmed? How often are you meeting friends for dinner and drinks? Think of ways to spend quality time and be entertained without spending.Reward YourselfSet aside a few days each month that you reward yourself for staying on track with your budget. Plan a night out with friends or family. Maybe you can even plan a celebration each time you pay off one of your debts.If your still need help with debt reduction, companies like Nationwide Debt Reduction Services can help. Right now, they have created a scholarship to help students avoid racking up massive amounts of debt in order to get the degree they desire. Here are the scholarship guide lines:

Eligibility

You are eligible to apply for this $1000 scholarship if you meet one of the below requirements.

A high school senior that has been accepted into a college or university

A current college student that is not in their final year.

Guidelines

To apply for the $1000 Nationwide Debt Reduction Services Scholarship please write a 500-word essay on the following topic: “What is one money tip that you learned that you feel will help you become financially stable after graduation”?

Winner Selection

A winner will be selected by the scholarship committee in February 2019. Once contacted the winner will have two weeks to respond so the scholarship can be awarded to their school’s financial aid department.